Islamabad, May 3 (TNS): Pakistan film industry has welcomed the allocation of funds, worth Rs 47 million in the recent financial budget of the year 2018-19 for the establishment of National Film Academy.
Many legendary and renowned actors and filmmakers in the country, like Mustafa Qureshi and Qavi Khan, have appreciated the new budget and have praised the decision for proper funding of a film academy.
They also hailed the decision of reduction in taxes on import of film equipment.
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In establishing the film academy, Pakistan National Council of Arts will also play a vital role for the betterment of the film industry.Senior officials of PNCA also said that the organisation director, General Syed Jamal Shah also aims to set up cinema screens in the prestigious academy.
Director of the academy said, ” Our institute aims to work for the betterment of the country.”
Shah supported this claim and said that his organisation will launch youth clubs for music, theatre, dance and performing arts in the country.
In a new budget for the film industry, the federal government has also put forward a new package.
According to the budget proposal, the customs duty would be reduced to 3% and sales tax on the import of machinery related to films and drama would be brought down to 5%.
It has also been proposed that income tax may be reduced to 50% for the people and companies investing in filmmaking. The foreign companies that will produce films in Pakistan will be granted 50% concession.
The budget proposal stated there was a great need to raise the bar of the Pakistani film industry that was on number three in the world until the 1960s.
